Celtic Wool Insulation Limited Filleted accounts for Companies House (small and micro)

CELTIC WOOL INSULATION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03716089

Celtic Wool Insulation Limited

Filleted Unaudited Financial Statements

For the year ended

31 October 2020

Celtic Wool Insulation Limited

Financial Statements

Year ended 31 October 2020

Contents	Page

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Celtic Wool Insulation Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Celtic Wool Insulation Limited

Year ended 31 October 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Celtic Wool Insulation Limited for the year ended 31 October 2020, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

CLAY SHAW THOMAS LTD Chartered accountants

2 Oldfield Road Bocam Park Bridgend CF35 5LJ

30 July 2021

Celtic Wool Insulation Limited

Statement of Financial Position

31 October 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	4		300,000	300,000

Current assets

Debtors	5	74,260	90,119
Cash at bank and in hand		15,978	12,869
		--------	---------
		90,238	102,988

Creditors: amounts falling due within one year	6	19,774		24,168
		--------		---------
Net current assets			70,464	78,820
			---------	---------
Total assets less current liabilities			370,464	378,820

Provisions

Taxation including deferred tax	17,902	19,464
	---------	---------
Net assets	352,562	359,356
	---------	---------

Capital and reserves

Called up share capital	4	4
Non distributable reserve	153,806	153,806
Profit and loss account	198,752	205,546
	---------	---------
Shareholders funds	352,562	359,356
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Celtic Wool Insulation Limited

Statement of Financial Position (continued)

31 October 2020

These financial statements were approved by the board of directors and authorised for issue on 30 July 2021 , and are signed on behalf of the board by:

Mrs C Jones

Director

Company registration number: 03716089

Celtic Wool Insulation Limited

Notes to the Financial Statements

Year ended 31 October 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cynma House, Colwinston, Cowbridge, South Glamorgan, CF71 7NE, Wales.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered in regards to letting of property, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Tangible assets

	Investment properties
	£
Cost
At 1 November 2019 and 31 October 2020	300,000
	---------
Depreciation
At 1 November 2019 and 31 October 2020	–
	---------
Carrying amount
At 31 October 2020	300,000
	---------
At 31 October 2019	300,000
	---------

The investment properties are held at the directors' estimate of market valuation.

5. Debtors

	2020	2019
	£	£
Other debtors	74,260	90,119
	--------	--------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Corporation tax	–	4,469
Other creditors	19,774	19,699
	--------	--------
	19,774	24,168
	--------	--------

7. Related party transactions

Included in other debtors is an amount of £49,669 (2019: £69,912) owed from Zonewhirl Limited. Zonewhirl Limited is a related party due to common directorship and ownership.